by Gary Strauss, USA TODAY

by Gary Strauss, USA TODAY

Wall Street's bull run is helping to create staggering payoffs for CEOs cashing in stock options and shares issued at far lower prices.

Early 2013 proxy filings detailing 2012 compensation show a growing swell of CEOs reaping $50 million or more, gains that could prove unmatched in breadth and size since the Internet IPO craze enriched tech company executives more than a decade ago.

"Some of these numbers are obscene,'' says former compensation consultant John James, director of Pace University's Center for Global Governance, Reporting and Regulation. "But corporate directors have long had the attitude 'How do we make this guy feel that he's needed? We can't afford to lose him.'"

Stock options and restricted shares are key tools to attract, retain and reward employees. Options are designed so they increase in value as the underlying share price rises. If a stock option is awarded at, say, $10 a share and the stock price rises to $20, the holder could acquire shares and sell for a $10 pretax gain. Executives usually need to remain with a company for several years before restricted shares are vested.

Many companies have yet to disclose 2012 compensation and gains top executives made from restricted shares that became vested or stock options, making it too early to compare overall gains to prior years. Big winners disclosed so far include:

Starbucks' Howard Schultz. The coffee chain's founder and CEO exercised stock options for a $103.3 million gain and received vested shares for an additional $10.2 million. That's on top of pay, incentives, stock and other compensation valued at nearly $29 million. Starbucks says shareholders' return jumped 38% in fiscal 2012 after a 46% gain in 2011.

Ford's Alan Mulally. He gained more than $61 million on previously awarded shares that vested last year. That's on top of a compensation package valued at nearly $21 million, according to the automaker's preliminary proxy. Some of the restricted shares - on top of nearly 5 million stock options - were awarded when Ford shares traded at $1.96, a quarter-century low. On paper, Mulally, 67, has ample gains ahead. At year's end, he held about 13 million stock options, including nearly 5 million options priced at $1.96. Wednesday's close:$13.36.

Sherwin-Williams' Christopher Connor. He gained $56.4 million, including $49.5 million exercising previously awarded shares. The paints marketer says that's on top of 2012 compensation valued at $11 million. Connor, 56, has been CEO since 1999. A recovering housing market and new stores propelled shareholder return 75% in 2012.

Chipotle Mexican Grill's co-CEOs Steve Ells and Monty Moran. Ells, company founder, gained nearly $47 million exercising previously awarded options, Moran $55.5 million. That's on top of 2012 compensation valued at more than $19 million each. The fast-food chain acknowledged the "significant value" from stock options that were granted from 2008 to 2010, when the company's market value soared from $1.7 billion to $9.2 billion.

Apple's Tim Cook. He gained $139.7 million from restricted shares that vested last year, reflecting the company's soaring 2012 stock price. Shares peaked at about $705. Wednesday's close: $452.08. The company granted Cook restricted shares worth $376 million when he became CEO in 2011. Apple says restricted shares reward performance, help retain key execs and ensure that a significant part of compensation is tied to Apple's long-term stock price performance.